Russia's oil company LUKoil says it is realistic to switch to the production of gasoline of Euro-4 standard by 2012-2013, the company's Vice President Vladimir Nekrasov said Tuesday.

He said the company would have to invest some $5 billion in deep-refining facilities, which produce gasoline of the kind. The project will take at least four years, he said.

"A short time ago, the company decided to build a facility of the kind in Volgograd," he said, adding the project is estimated at $1.8 billion. The refinery will be built by 2012-2013.

"Two more such plants will be constructed in Perm and in Ukhta by 2012. Each of the projects will cost $1 billion," Nekrasov said.

In addition, the company plans to build a deep-refining facility in Nizhny Novgorod. The project is worth $1 billion and is expected to be completed by 2011.

"Therefore, we believe that it is realistic to start production of Euro-4 gasoline in 2012-2013," Nekrasov said.

He reaffirmed that LUKOIL is already producing Euro-3 gasoline at all its plants, as well as diesel fuel of both standards Euro-3 and Euro-4.

India, Iran, Pakistan to finalize pipeline deal

India, Pakistan and Iran plan to finalize all agreements for implementation of the long-delayed tri-nation gas pipeline project in 45 days, Iranian President Mahmoud Ahmadinejad said Tuesday.

All pending issues and agreements would be finalized within 45 days and "given to the leadership of the three countries. Afterward we will decide," he said after talks with Indian Prime Minister Manmohan Singh in New Delhi.

On extending the pipeline to China, he said: "We have received one proposal. We will evaluate it and consider its merit and evaluate all aspects of the proposal."

Describing Iran's relationship with India as "deep and historic," he said the "two sides are too close to each other and hope in the future we will finalize the gas pipeline project."

Burgas-Alexandroupolis pipeline to raise Europe's security

Russian President Vladimir Putin said the Burgas-Alexandroupolis oil pipeline and the South Stream gas carrier would give Europe greater energy security, Itar-Tass reported.

"In the course of the talks the further steps were agreed on implementing joint energy projects -- the Burgas-Alexandroupolis oil pipeline and the South Stream gas pipeline. Their purpose is to considerably raise the energy security of the Balkans and of the entire European continent," Putin said after talks with visiting Greek Prime Minister Konstantinos Karamanlis on Tuesday.

He described the conclusion of agreements on laying the Greek section of the South Stream pipeline as an important result of the meeting.

"This decision opens up new horizons of Russian-Greek cooperation. I am certain that this genuinely far-sighted and pragmatic approach by the Greek leadership will yield tangible dividends for Greece, the Balkans and Europe as a whole in the near future," Putin said.

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Closing oil prices, Apr. 30, 3 p.m. London

Brent crude oil: $113.69

West Texas Intermediate crude oil: $115.92

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(e-mail: energy@upi.com)